tv Business - News Deutsche Welle August 9, 2018 1:02am-1:16am CEST
i'll buy the whole company back and make tesla private again says c.e.o. elon musk in a tweets that sends the electorate to make his share price up eleven percent and leaves analysts shaking their heads. and more trouble in the air for ryanair as its european pilots go on strike over pay and working conditions at europe's biggest budget airline flight cancellations will affect twenty five thousand passengers on friday. i've been physical and let's do business chief executive ilan musk wants to take the electric car maker private test the shares surged by eleven percent on the news before trading was hold it for more than an hour on tuesday or wednesday the board of directors said it's going to evaluate the plan. if musk can succeed in taking tesla private it would be the largest leveraged buyout in history. musk tweeted on tuesday that he was considering taking tesla private at
four hundred twenty dollars a share saying that he'd secured funding ideal at that price would represent a price tag of about seventy two billion dollars he didn't say where the funding was coming from shortly after his tweet musk published a letter to tesla employees on the company's blog where he said that going private would be the best path forward and would allow tesla to operate at its best free from distraction and short term thinking going private would also be one way to avoid close scrutiny by the public market musk has feuded publicly with regulators critics short sellers and reporters some analysts believe he would prefer to have less transparency the company is still trying to overcome production challenges which have held up its new model three sedan on which tesla's profitability rests that hasn't stopped musk from announcing major projects like a multibillion dollar facilities in china and europe analysts have expressed skepticism at those plans must statements about taking the company private are
facing similar doubts but if followed through this could be a make or break moment for the silicon valley company as competition from european automakers is poised to intensify with new electric vehicles from our d. and jag you are with more rivals to follow suit next year. i asked. if it's right musk revealed sensitive corporate strategy via social media. twitter is relatively new in this context of course rules and regulations of how to make these ad hoc announcements or so it's very important but it seems to be legal i want to reach something to you from those rules on fair disclosure as they're called and it states that companies are required and i quote to distribute material information in a manner receipt reasonably designed to get that information out to the general public broadly and and exclusively. that is of course precisely what twitter does it is certainly broad it is not at all explosive anybody analysts investors anyone
can have it so there you go it's a good leader it's so it's transparent but is it spot it's probably not smart and i would think it's probably not smart specifically when you look at the lawn must because you don't musk is a serial tweeter like some other people these days making the news are and he doesn't always take it seriously april fool's day this year he tweeted that test just went into bankruptcy now that is not really a joke when you're running a seventy billion dollars company that can really start shock waves and send the markets down not only for one company this is problematic you can't joke like that in such an irresponsible way so of course people wondering with him specifically is this is a serious announcement is that show he names the number for twenty he wants to pay four hundred twenty dollars and people said well four twenty is the marianna reference it's stolen language is that a joke is that code nobody really knows and now the company's worth even more
because the surge of share is set up the valuation of a company of course and it makes little muscular which he made more than a billion dollars yesterday just like that because he owns about thirty three million shares and they went up thirty seven dollars each so he made a tremendous amount of money but it's just about the same amount of money that short sellers lost that those investors that are betting against tesla they lost over a billion and they actually lost over six billion in the last two years iran must must be liking that much more than his own riches of course briefly wouldn't mean is it also quite a bit going private i know why the big car maker has done this. i'm sure there are lots of advantages as far as the long must and his strategy to feel a very ambitious man was he wanted to fly there he held accountable to shareholders and regulated exactly well once you are listed on wall street your. not only accountable but you're accountable to your shareholders on a three month basis mordantly numbers so of course wall street favors short term
thinking and that of course means that as a c.e.o. you might have to make decisions every once in a while that help your numbers in march in june or so but that out after mental may be to your long term strategy into your vision. you want to keep the vision alive thank you for. the new york times described him as arguably the most successful and important entrepreneur in the world became c.e.o. of just the motors in the aftermath of the two thousand and eight global financial crisis in an interview in twenty eleven he said he hopes to send humans to mars within ten to twenty years but who is it on musk and what does he really want one is some have called him the architect of tomorrow others say he's a con man but either way elon musk is a highly intelligent driven individual and the south african born under par new has achieved things many can only dream about in one thousand nine hundred ninety four
he founded his first company at the age of twenty four by the time he was thirty have become one of the co-founders of pay pal but musk is better known for his other headline grabbing projects tesla space x. and hyperloop with tesla musk is revolutionizing the car industry by building electric cars a business for which he has come under pressure the company has spent more than ten billion dollars without ever making a profit but that hasn't stopped musk he wants to change long distance travel with hyperloop b. idea is to send and electromagnetically levitated vehicles through a long pressure tube over thousands of miles. lift off his space x. project is aimed at sending the first people to mars it seems that not even the stars can limit elon musk thirty seconds away from. china has fired back against new u.s.
trade tabs its announced additional import duties of twenty five percent on sixteen billion dollars worth of u.s. goods you know it's been came just hours after washington said it was imposing you tariffs on chinese products worth exactly the same amount of chinese tariffs will apply to u.s. products such as fuel motorcycles and medical equipment while the u.s. said it was targeting industrial products like metals chemicals and electronics the trumpet ministration already slaps new tariffs on chinese imports last month but china's foreign trade has so far shrugged off the dispute exports showed surprising growth in july at moving twelve percent compared to the same period last year. saudi arabia's government is not known for tolerating criticism that the current spat between the oil rich kingdom and canada is escalating into a full blown diplomatic crisis riyadh has canceled its medical treatment programs in canada and will transfer saudi patients to other countries now media reports say
the saudi government will also relocate fifteen thousand saudi students from canada the conflict a rose after a tweet issued by canada's foreign minister criticizing the arrests of human rights activists in saudi arabia. german ryanair pilots have just voted to join this swedish belgian and irish colleagues in striking on friday and head of the announcement ryanair already cancelled one hundred forty six flights to destinations all over europe affecting more than twenty five thousand passengers its numbers are set to rise as the german pilots join the twenty four hour strike to demand a higher base salary said the netherlands could also be joining ryanair argues salaries and not too low pilots are also finding the airline over base transfers the maximum number of flight hours promotions and annual leave. let's pull in our financial correspondent correct bosun in frankfurt any sign at all of ryanair budging on this. no ben and if we token take into consideration how the
management of ryanair has handled recent conflicts with the union it's likely that this will escalate further in ireland after pilots went on strike ryan air threaten to transfer planes from ireland to poland and force the employees to also move from ireland to poland the management in the negotiations with the unions here in germany has talked about potentially doing something like that here as well that's why it's so significant that in this case unions from four different countries of the european union acting together it's a first for such concerted action they're joining their forces in order to try to prevent the management of ryan air from playing of one side against the other economy by passenger numbers ryanair is europe's largest airline how's this going
to bookings. well itself doesn't give exact estimates in the case of those islands strike the managers have said that they have had a negative effect on bookings and in the long run of course this indicates that the times of thirty to forty euro tickets are over as you know also ryanair will have to do something move and as you know the. unions are acting in concert of action on the european level it's not likely that you know the super low costs will hold at ryanair ok troubling times for flying europeans is going to do that in frankfurt thank you. and a super hot summer that nice doing business with you. we've.
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